Asia credit cards market is Expected to Witness CAGR of 6.8% in terms of total cards in circulation by 2025: Ken Research

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 Schemes such as the payment of outstanding dues in equated monthly installments (EMIs) and additional facilities, such as access to premium services at hotels and airlines, including lounge access have escalated the total cards in circulation and the total transaction value within Asia.

  • Numerous companies such as Amazon, MakeMyTrip, NUS Singapore, Manchester United, Ferrari, and others are offering co-branded credit cards that provide facilities such as low annual fees, gift vouchers on joining and lucrative cashback offers. The total transaction value within the Asia credit card market is expected to showcase a forecasted CAGR of 7.4% during 2018-2025.
  • Trends such as environmental sustainability, sustainable procurement, and adoption of technologies such as IoT and artificial intelligence are expected to shape up the delivery of credit card products and services in the near future.

Credit card issuers and operators have also focused on strengthening acceptance infrastructure, promoting and incentivizing digital payments for the right target audience, and partnering with key technology players which will give a positive outlook for the future and hence it is expected that the number of transactions will have positive growth. Issuers and operators have firstly adopted and are encouraging the introduction of a QR code for low-value payments, contactless payments and payment gateways for processing M-commerce transactions through tokenization in most of the Asian countries.

Adoption of New Technologies: Most of the issuers launched a platform to facilitate single-click real-time payments from consumers to merchants via their respective bank accounts. Payments between accounts of different banks, enabled by a common real-time switch have created major opportunities for real-time payment apps such as Paytm, ApplePay, WeChat Pay and others. Many FinTech players can look at developing apps to support these payments in Asia while also developing similar systems in countries such as Afghanistan, Pakistan, Bangladesh, and Nepal. Sri Lanka’s issuance of a national standard for QR-based payments has further provided a boost to the QR revolution in the Indian sub-continent. This opens up a range of opportunities for banks and financial institutions to enable QR-based payment applications. The countries should also be open to setting up a regulatory sandbox for FinTech firms to test new as well as innovative products for greater financial inclusion.

Analysts at Ken Research in their latest publication Asia Credit Cards Market Outlook to 2025 – By Commercial and Personal Credit Cards; by Transactions at ATM and POS terminals; by Total Cards in Circulation; by Transaction Value and Volume through issuers & operators; and By Major Countries (Japan, South Korea, India, China, Indonesia, Philippines, Singapore, and Others)” believe that the Asian credit card market will increase owing to rising millennial population and the growth in the technology and FinTech in all the Asian countries. This rise is expected to boost the demand for credit card products and services in Asia owing to the requirement of both personal as well as commercial credit cards. The market is expected to witness a forecasted CAGR of 6.8% in terms of total cards in circulation and a CAGR of 7.4% in terms of total the transaction value for the period 2018-2025.

Key Segments Covered:-

Credit cards

Value of transaction by Issuer and Operator

The volume of a transaction by Issuer and Operator

Number of Credit Cards in Circulation by Issuer and Operator

Commercial and Personal Credit Cards

Transactions at ATM and POS

Countries

India

Indonesia

Malaysia

Singapore

Philippines

South Korea

China

Japan

Other Countries (Vietnam, Thailand, Hong Kong, Taiwan and Rest)

Key Target Audience

Credit/ Debit Card Operator

Credit/ Debit Card Issuers

Prepaid Card Issuers/ Operators

Local/ Foreign Bank

Reward/ Loyalty Program Business Operators

Payment gateway provider

Credit/ Debit Card Issuer

POS Device Manufacturers

Debit/ Credit Card Manufacturing companies

ATM Manufacturing Entities

Regulatory Authorities

Time Period Captured in the Report:-

Historical Period: 2013-2018

Forecast Period: 2018-2025

Companies Covered in Asia Credit Card Market:-

Banks (Issuer)

HDFC, India

Bank Mandiri, Indonesia

Bank CIMB Niaga, Indonesia

UOB, Singapore

DBS, Singapore

Citibank Bhd, Malaysia

Malaysian Banking, Malaysia

Shinhan Card, South Korea

KB Kookmin, South Korea

BDO Unibank, Philippines

Metropolitan Bank, Philippines

ICBC Bank, China

China Merchants Bank, China

JCB, Japan

Credit Saison, Japan

Others (SBI India, Bank CIMB Niaga Indonesia, Bank Mega, Citibank, HSBC Holdings Plc, Rizal Commercial Banking CORP (RCBC) and Rest)

Operators

Visa Inc.

MasterCard

American Express

Bank Central Asia

Union Pay International

Others (Shinhan Card, BC Card, Petron Corp, Taiwan Rakuten Card and Rest)

Key Topics Covered in the Report:-

Asia Credit Cards Market Overview and Genesis

Asia Credit Cards Market Value Chain and Business Model Analysis

Asia Credit Cards Market Size

Trends and Developments in Asia Credit card Market

Issues and Challenges in Asia Credit Cards Market

SWOT Analysis of Asia Credit Cards Market

Regulatory Landscape in Asia Credit Cards market

Asia Credit Card Market Future Outlook and Projections

Country Profiles (Japan, South Korea, India, China, Indonesia, Malaysia, Philippines, and Singapore) within Asia Credit Cards Market

Analyst Recommendations in Asia Credit Cards Market

Success Case Study in Asia Credit Cards Market

For Information Click On the Below Mentioned Link:-

Asia Credit Cards Market Research Report

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Contact Us: –

Ken Research

Ankur Gupta, Head Marketing & Communications

Ankur@kenresearch.com

+91-9015378249

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